The two questions I most hear mums ask about money mindset is “how do I teach my child the right money mindset?” and “how do I do it if I don’t have it?”
I was one of those mums, asking those exact questions and more. Not only did I feel as if my mindset (in general) was more ‘fixed’ and ‘scarcity’ than growth and abundance, but I was also largely financially illiterate.
I felt stuck and powerless until I discovered THE GROWTH MINDSET, the concept of GRIT and THE ABUNDANCE MENTALITY. These holistic approaches to living an abundant successful life are the core of a GROWTH AND ABUNDANCE MONEY MINDSET.
Below is a brief explanation of each approach and some helpful links to learn more:
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WHAT IS A GROWTH MINDSET? Dr Carol Dweck’s book MINDSET THE NEW PSYCHOLOGY OF SUCCESS is essentially about understanding why some people give up and others keep going. Dr Dweck maintains that “intelligence is not only based on an IQ but is something attainable for everyone with work, effort, determination and persistence”.
She called this concept a Growth Mindset. The opposite is a Fixed Mindset.
Watch this ‘sketchy’ video from John Spencer for a lovely visual overview of the difference between a growth mindset and a fixed mindset.
Take this ‘mindset assessment’ to get an idea of your own mindset.
Understand how the word ‘YET’ gives us a pathway into an abundant future. Dr Dweck is a delight to listen to in this TED talk – THE POWER OF BELIEVING THAT YOU CAN IMPROVE.
WHAT IS GRIT? Dr Angela Lee Duckworth’s talks about Grit as “passion and perseverance for long-term goals.. and holding steadfast to that goal. Even when you fall down. Even when you screw up. Even when progress toward that goal is halting or slow. Talent and luck matter to success. But talent and luck are no guarantee of grit. And in the very long run, I think grit may matter as least as much, if not more”. (side-note – I cannot find the opposite of GRIT but when trying to sum it up with one word, I see it as directionless)
Dr Duckworth’s ‘grit scale’ gives you a score that reflects how passionate and persevering you see yourself to be.
Listen to her TED talk Grit: The Power of Passion and Perseverance
WHAT IS AN ABUNDANCE MENTALITY (MINDSET)? Stephen Covey explains this concept beautifully in his classic The 7 Habits of Highly Effective People. He writes: “The Abundance Mentality, flows out of a deep inner sense of personal worth or security. It is the paradigm that there is plenty out there and enough to spare for everybody. It results in the sharing of prestige, recognition, profits and decision-making. It opens possibilities, options, alternatives and creativity.”
The opposite of an abundance mentality (or mindset) is the scarcity mentality (or mindset) and can leave us feeling stuck, financially struggling, overwhelmed, down, often feeling worthless and jealous of others’ success and achievements.
Deepak Chopra’s 10 STEPS TO DEVELOP AN ABUNDANCE MINDSET is in my opinion, pure gold.
These 5 simple tips below will help you teach your child a growth and abundance money mindset
TIP 1. CREATE A FAMILY RITUAL FOR PRACTICING DAILY GRATITUDE
Encourage each family member to NOTICE and NAME one thing they are grateful for. Think about and say WHY you are grateful.
Here is an example: “I am grateful for my dog because she loves me and I love her and we have fun together and we cuddle and she is soft and warm”.
Either take time to write in a beautiful book or a journal or say it out loud in the present moment.
Practicing gratitude helps us focus on what is good in our lives. The more we focus on goodness, the more goodness we will notice and create. We can teach our children that it is a choice to focus on things that make them feel happy or things that make them feel angry and sad.
TIP 2. TALK ABOUT CHOICES AND HOW THEY CAN CHOOSE THEIR THOUGHTS, FEELINGS, WORDS AND BEHAVIOUR
While they are colouring in ‘I CAN CHOOSE TO SAVE’, have a discussion about how there are some things in life that they cannot control, like what other people say or do and doing their chores or homework. Show them that there are many things they can control, like what they say and how they act. Knowing that we have a choice in how we earn, save, spend, invest and give back to the world is empowering and motivating.
TIP 3. WHY POWER DRESS WHEN YOU CAN POWER POSTURE?
Teach your child why it is important to have good posture. Explain that not only does our posture keep our bones and joints in the correct position and alignment so that our muscles are being used properly. But it helps us feel more confident as we carry ourselves upright and proud. Try this – put on some fun loud music, dance around for a bit, stop the music and someone yells ‘POWER POSTURE!’ Followed by ONE-RELAX KNEES… TWO-SQUEEZE YOUR BUM… THREE-TUMMY IN… FOUR-LIFT YOUR RIB CAGE… FIVE-SHOULDERS BACK AND DOWN…. SIX-CHIN UP… SEVEN-SMILE… EIGHT-NOW DANCE’. Put the music back on, ‘dance and don’t care whose watching’ and repeat the sequence.
TIP 4. TALK ABOUT HOW THEY CAN CHOOSE TO GROW, SPEED UP AND RE-WIRE THEIR AMAZING BRAINS.
For a superduper understanding of neuoplasticity read “How to Explain Neuroplasticity to your Mom”. Brainstorm with your children to find an example of something they didn’t know how to do, but over time and with practice and effort they learnt how to do it and now don’t even really have to think about how to do it.
TIP 5. CREATE AN ‘I CAN CHOOSE MY MONEY MINDSET’ POSTER’
This product will be available soon on my website and provides a great opportunity to have a conversation about money mindsets and choices and also to show them that wealth is about so much more than just money. In the meantime use the affirmations to have conversations about CHOICES and encourage them to create their own money mindset poster.
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